Bought a Car on Finance in the last 10 years?

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How Do I Know If I Have Been Mis-sold A Car Finance Loan?

If you believe you were mis-sold PCP (Personal Contract Purchase) finance for a vehicle, here are some signs that may indicate potential mis-selling.

Guide you on the appropriate steps to take.

If you suspect that you have been mis-sold a PCP finance agreement, it is advisable to contact us as we have professional advice from a financial advisors and legal professionals who specialise in consumer rights and financial mis-selling. We can assess your specific situation, review the documentation, and guide you on the appropriate steps to take.

Affordability assessment

The car finance provider should have assessed your financial circumstances to ensure that the PCP agreement was affordable for you. If they did not properly evaluate your income, expenses, and other financial obligations, it could be a sign of mis-selling.

Unsuitability of the agreement

PCP finance may not be suitable for everyone, and it’s important that the finance provider takes into account your individual needs and preferences. If the PCP agreement did not align with your circumstances, such as your desired mileage, ownership preferences, or future plans, it could be a sign of mis-selling.

Inadequate explanation of terms and conditions

The terms and conditions of a PCP agreement should be explained to you in a clear and understandable manner. If you were not provided with sufficient information about the key terms, such as the balloon payment, mileage restrictions, excess mileage charges, or early termination fees, it could indicate mis-selling.

Hidden fees or charges

If there were undisclosed fees or charges associated with the PCP agreement that were not clearly explained to you, it could indicate mis-selling. It’s important to be aware of all costs involved in the finance arrangement.

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If you answer ‘No’ to any of the below, you may be eligible to make a claim:

  • Were you advised of the commissions that were being paid?
  • Were you offered the best interest rate available?
  • Were you offered various finance options based on your circumstances, and informed how they differ?
  • Was the agreement unaffordable, or was the agreement not properly explained to you?

If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.

This is not a problem as we can request I from both the Dealership and/or the finance provider.

No, the claim will be brought against the finance provider. The Dealerships acts as the broker and as an ‘agent’ of the finance provider. It is the responsibility of the finance provider to ensure their ‘agents’ are adhering to the relevant FCA regulations.

Check for FREE now, see if you are owed compensation.